A smaller group of projects did most of construction’s heavy lifting in March.
Data centers powered planning almost single-handedly during the month. Contractors with those types of artificial intelligence infrastructure jobs also report considerable interest in surrounding power construction. Three megaprojects in the electric power and utilities segment, for example, helped drive an increase in total construction starts in March.
But for contractors outside the AI buildout, progress is flatter.
Construction spending slipped again in more traditional sectors. Hiring in the construction industry also barely moved during the month. Project owners as a whole delayed more work, particularly for private commercial construction.
Oil prices then climbed significantly due to tensions in Iran. The shock so far, however, has done little to dent public builders’ backlog numbers or confidence readings, despite economists' warnings of potential impacts.
Read on for construction insights on the latest economic data.